economy and politics

Bankinter decides to integrate Evo into its structure to enhance its digital strategy

Bankinter decides to integrate Evo into its structure to enhance its digital strategy

June 19 () –

The board of directors of Bankinter has decided to integrate Evo Banco into its own structure through a merger by absorption to enhance its digital strategy, as announced by the bank this Wednesday.

“The purpose of the merger is to make the most of the synergies between both entities and thus enhance the digital transformation of the Group. This merger will involve the integration of the clients, business and employees of EVO Banco under the Bankinter structure,” he explained. Bankinter in a statement sent to the National Securities Market Commission (CNMV).

The initiative is part of the growth plan that the new CEO, Gloria Ortiz, has recently launched, and whose main objective is to continue improving the group’s profitability and efficiency, and maximizing the value delivered to shareholders.

The operation will culminate in the first half of 2025 with the full integration of clients, business and employees under the Bankinter structure.

Bankinter has assured that Evo clients will continue to operate in a 100% digital way, but that they will benefit from Bankinter’s “capabilities” in terms of products and services. For their part, Bankinter customers will have access to new functionalities and any digital innovations that are developed in the future.

With this integration, an Evo client will now be able to receive service at Bankinter branches, including, for example, private banking.

Evo’s integration movement occurs five years after its acquisition, which occurred in 2019. After this time, Evo has managed to “tie” the net result for the first time, what is known as ‘break even’. Bankinter now believes that “the time has come for EVO to be promoted as an engine of innovation and become an integral part of the bank’s value proposition for all its digital clients under the same structure.”

This is the second major move adopted by the new CEO of Bankinter, who already decided in April that the bank would establish a subsidiary in Ireland to operate under its own brand instead of through Avant Money. The objective is to capture deposits and offer other types of financial services.

Bankinter will stop using the Evo brand commercially for the moment, although bank sources indicate that they will keep it as property for possible future uses.

Evo Banco closed the first quarter of 2024 managing 4,205 million euros of customer resources, while loan investment stood at 3,457 million euros.

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